Mortgage Rate Moved Up

Mortgage rates rose on solid job report after holding steady the previous week. Last Friday, Treasurys sold off on worries that surprisingly robust jobs creation in December would make it hard for the Fed to cut interest rates anytime soon and some even started talking about rate hike making the investors of both stocks and bonds nervous. Early on that day, the Labor Department reported that 167,000 jobs were generated and average hourly earnings jumped by 8 cents or 0.5% last month.

According to Freddie Mac's weekly survey, the 30-year fixed-rate mortgage rose to 6.21% from 6.18% average last week. The rate was 6.15% one year back. The 15-year fixed rate averaged at 5.96% this week -- up slightly from last week's 5.94%. At this time last year this rate was 5.71%.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.03%, up a tick from 6.02% average last week. The hybrid averaged 5.76% a year ago. One-year Treasury-indexed ARMs averaged 5.44%, up from 5.42% of last week. This rate averaged 5.15% a year ago.